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Chapter 13 Bankruptcy |
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A Chapter 13 bankruptcy help debtors reorganize their finances so that their debt is repaid in a payment plan over a period of three to five years. The debts are then discharged after the debtor completes the payments. Advantages of Chapter 13Even though the debtor must make debt payments, a chapter 13 bankruptcy has many advantages over a chapter 7 bankruptcy. A chapter 13 bankruptcy can enable homeowners to save their homes from foreclosure by curing deliquent mortgage payments over time. Further, a chapter 13 bankruptcy enables debtors to reschedule the payment of debts over the duration of the bankruptcy plan. Chapter 13 can also provide protection for the debtor's co-signers. In addition, during a chapter 13 bankruptcy, the debtor makes the payments directly to the bankruptcy trustee and the creditor therefore no longer has direct contact contact wth his or her credtors. We Can HelpThe decision as to whether to file bankruptcy and the preparation of a chapter 13 petition for bankrutcy is a complex and difficult process. If the documentation is not prepared propoerly, you can suffer serious financial and legal consequences. Accordingly, it is important to consult an attorney to guide you through your bankruptcy. We would be happy to meet with you and provide you with a free initial consultation. The McAndrew Law Firm, located in Corona, represents clients in the Inland Empire, Riverside, Chino, Chino Hills, Yorba Linda, Lake Elsinore, Lake Matthews, Norco, Ontario, Rancho Cucamonga, Moreno Valley, Fullerton, Industry, Diamond Bar, Rowland Heights and surrounding communities thoroughout Riverside, Orange, Los Angeles and San Bernardino Counties.
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